Foreign exchange market. American session: the U.S. dollar traded lower against the most major currencies in the absence of any major economic data from the U.S.

The U.S. dollar traded lower against the most major currencies in the absence of any major economic data from the U.S.

The euro traded higher against the U.S. dollar as the European Commission said that it commits €2 billion to help Greece.

Eurozone's adjusted current account surplus rose to €29.4 billion in January from €22.5 billion in December. December's figure was revised up from a surplus of €17.8 billion. Analysts had expected a surplus of €21.3 billion.

The British pound rose against the U.S. dollar. The public sector net borrowing in the U.K. climbed to £6.2 billion in February from -£8.9 billion in January, exceeding expectations for a rise to £7.7 billion. January's figure was revised up from -£9.7 billion.

The decline was driven by a strong recovery income taxes.

The Canadian dollar rose against the U.S. dollar. Canadian consumer price inflation increased 0.9% in February, beating expectations for a 0.7% rise, after a 0.2% drop in January.

On a yearly basis, the consumer price index remained unchanged at 1.0% February.

The consumer price index was driven by price increases in seven of the index's eight major components.

Canadian core consumer price index, which excludes some volatile goods, increased 0.6% in February, exceeding expectations for a 0.5% gain, after a 0.2% rise in January.

On a yearly basis, core consumer price index in Canada declined to 2.1% in February from 2.2% in January.

Canadian retail sales plunged by 1.7% in January, missing expectations for a 0.3% decline, after a 1.8% drop in December. December's figure was revised up from a 2.0% decline.

The drop was driven by lower new cars sales.

Canadian retail sales excluding automobiles dropped 1.8% in January, missing expectations for a 0.1% increase, after a 2.0% fall in December. December's figure was revised up from a 2.3% decrease.

The New Zealand dollar traded higher against the U.S. dollar. In the overnight trading session, the kiwi rose against the greenback. Credit card spending in New Zealand rose 5.8% in February, after a 6.2% gain in January.

The Australian dollar increased against the U.S. dollar. In the overnight trading session, the Aussie traded higher against the greenback after comments by the Reserve Bank of Australia (RBA) governor Glenn Stevens. He said in a speech in Melbourne on Friday that while interest rate is expected to be hiked in the U.S., interest rate in Australia it is expected to be cut. The RBA governor noted that interest rate hike in the U.S. will bring turbulence in asset and financial markets.

Stevens thinks that the Australian dollar is likely to depreciate further despite the recent decline.

The RBA governor pointed out that a weaker Australian dollar is assisting the major transition from mining driven growth to other sectors of Australia's economy.

The Japanese yen traded higher against the U.S. dollar. In the overnight trading session, the yen traded higher against the greenback after the Bank of Japan's (BoJ) minutes. The central bank said that Japan's economy continues to recover moderately.

The BoJ board members noted that stimulus measures have the desired effects. They added that consumer inflation slowed due to falling energy prices.